摘要:为了培育和完善市场机制本身的运转,增强投资者对证券市场的理解和信心,以达到保护投资者的目的,对有关虚假陈述规定的民事责任的信息披露民事责任制度实有存在和完善的必要。
estigation , to enable investors to lose confidence in them . However, in this causal relationship is difficult to say the next link in the chain is on a part of the inevitable result. Red Company false statements to investors in the face of case "necessarily causation " theory obstacles encountered by no means alone. If you follow the logic necessary causality , can be asserted misrepresentations securities market with investors ' investment decisions can never be a causal relationship ; in other words, in the inevitable logic of causality , false declarant need not worry bear any civil responsibilities. 2
In addition, the civil burden of proof principles generally "who advocates , who proof " , but in general tort embodied the spirit of the traditional fair burden distribution system, applicable to infringement of modern securities markets may be a link really fair roadblock. Medium and small shareholders to rely on operators to provide the necessary information to make the relevant decisions , and have money , information superiority company managers and relevant agencies there is a serious information asymmetry compared . Practice before investing in medium and small investors can not seriously be inspected every one listed company's financial reporting analysis , it would be difficult to prove themselves but for the false statements of listed companies will not make a particular decision led to investment losses. Prospectus , annual reports of listed companies increasingly technical disclosure documents and securities prices fluctuate in a complex series of factors, when investors must pay the high cost of litigation in order to climb the causation burden of proof barrier , most small investors rather choose to give up rights . 3
Extremely well developed in terms of the U.S. securities market , or securities market is still in the development stage of China , the burden of proof on causation are stock market investors to seek legal redress enormous resistance.
Solve the dilemma of countermeasures - the principle of presumption of trust made to American Legislative and Judicial Practice Perspective
American tort law for the fact of causation and legal causation causation dichotomy long time, this does not repeat. To tie in with the SEC , " Securities and Exchange Law" Article 10 of the implementation of the rules enacted 10 b -5 , the traditional tort law causation in fact referred to as " transaction causation ."
Transaction causation need to determine is making false statements with investors causal relationship between , namely whether investors because the " trust " misrepresentation resulting in losses on trading securities .
To tie in with the SEC , " Securities and Exchange Law," the implementation of Article 10b enacted Rule 10b-5 , as the U.S. Securities Act fraud of the " long arm of the terms ." Rule 10b-5 , including three , paragraph 2, of which the rule is based on the core of a false statement . Which stipulates that "any person or in any way exploit intercontinental commercial means , or communications , or any facility of any national securities exchange , directly or indirectly, to any person to implement the following with the purchase or sale of any securities-related behavior, both offense ...... ( 2 ) of a material fact made any false statement or omission
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